Chicago's 1.3 million renters and rental households constitute the majority of housing units in Chicago, generating nearly $450 million in income in 2007.

The number of rental units has grown in neighborhoods that have traditionally been occupied by homeowners.

While the number of rental units grew, Chicago lost about 125,000 affordable units between 1990 and 2005.

Rent prices are increasing. The household median gross rent in Chicago was $721 a month in 2000, and that rose to an estimated $821 per month in 2007 as incomes did not keep pace, the report said, citing U.S. Census data.

Renters are impacted by foreclosure. The report said that a significant number of all residents that lose their home to foreclosure are renters.